Performance Shipping announces acceptance of a signed offer letter from Piraeus Bank S.A.
Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that it has accepted an offer letter whereby it intends to enter into an agreement for a term loan facility of up to US$37.4 million with Piraeus Bank S.A. through two separate wholly-owned subsidiaries of the company. The facility will be drawn in two simultaneous advances upon delivery of the previously announced vessel the company has agreed to acquire, the M/T Phoenix Beacon, to be renamed P. Monterey.
Proceeds from the facility will be used to refinance a portion of an existing term loan facility for the M/T P. Kikuma through a first advance of up to about US$7.8 million and to partially finance the M/T P. Monterey, through a second advance of up to about US$29.6 million.
